Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0126%/8h= +13.8% APRpaid last 24h +0.033%

Price spread now: OKX against Lighter RH−0.025%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Lighter RH Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.142%+$14 on $10k

Price spread, last 7 days+0.014%+$1 · spread now −0.025%, 7d avg +0.011%

Together, before fees+0.156%+ Points / potential airdropLighter RH: Points live · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.036% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of +0.011%). If the spread goes back, that is −$4 on $10k: about 23 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	94.774	0.0080	pay 0.0010% / 1h	41m 10s	$894K	$2.9M	10x
Short	OKX CRCL-USDT-SWAP	94.750	0.0206	get 0.0206% / 8h	41m 10s	$22.9M	$60.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Lighter RH. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Lighter RHbpFee OKXbpOrdersPrice spread, now −0.025%Rate

Funding earned: $26.5
Price spread: −0.025% → +0.011%: −$3.59
Slippage, 4 orders: −$12.56
Fee Lighter RH: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: $0.35
Costs to cover: 0.226%
Break-even: 6.9 days

Slippage from Lighter RH: live order book, 2 min ago; OKX: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Lighter RH live order book, 2 min ago	1.26 bp	3.3 bp −$3	9.2 bp −$92	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.53 bp	8.6 bp −$9	13.7 bp −$137	doesn't fit	doesn't fit

CRCL on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CRCL_USDT	0.0000%	8h	94.780	+0.006%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.770	−0.004%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.730	−0.046%	$1.4M	$2.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.279%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.740	−0.036%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.757	−0.018%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.720	−0.057%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0052%	1h	94.731	−0.045%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0059%	1h	94.703	−0.075%	$367K	$1.1M	10x	as long as short
Lighter RH CRCLlong	+0.0080%	1h	94.774	long leg	$894K	$2.9M	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.700	−0.078%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.720	−0.057%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.720	−0.057%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.750	−0.025%	$945	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0104%	8h	94.740	−0.036%	$15.6M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.773	−0.001%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0122%	8h	94.663	−0.117%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0134%	8h	94.724	−0.053%	$777	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0177%	8h	94.871	+0.102%	$61K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.739	−0.037%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0193%	8h	94.765	−0.010%	$109.6M	$390.0M	50x	as long as short
Aster CRCLUSDT	+0.0205%	8h	94.772	−0.002%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0206%	8h	94.750	−0.025%	$22.9M	$60.7M	50x
edgeX CRCLUSDC	+0.0223%	4h	94.814	+0.042%	$24K	$269K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0264%	1h	94.709	−0.069%	$71.1M	$42.9M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.749	−0.026%	$28K	$92K	10x	as long as short
Nado CRCL-PERP	+0.0306%	1h	94.657	−0.124%	$127K	$73K	3x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	94.810	+0.038%	$1.1M	$595K	20x	as long as short
Bitget CRCLUSDT	+0.0315%	8h	94.760	−0.015%	$16.9M	$35.4M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.829%	$5K	$19K	30x	as long as short
Lighter CRCL	+0.0448%	1h	94.789	+0.016%	$3.1M	$2.2M	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.710	−0.068%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.728	−0.048%	$432K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1123%	1h	94.780	+0.006%	$4K	$772K	10x	as long as short